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Houston Ship Channel Spot Slumps While Katy Finds Storage Support

Natural Gas Intelligence · last updated

A widening discount between Houston Ship Channel (HSC) and Katy hub natural gas prices is signaling localized oversupply along the Gulf Coast, where pricing is closely tied to LNG exports, industrial demand and power generation.

Line chart titled “NGI’s Houston Ship Channel & Katy Daily Natural Gas Price Spread” tracks the HSC-Katy basis from Feb 2025 to Feb 2026, mostly near $0/MMBtu with volatility in late January 2026, plunging below -$2/MMBtu and briefly spiking above $1/MMBtu.

At A Glance:

  • HSC-Katy spread widens in February
  • Weak Gulf Coast demand pressures HSC
  • Storage activity supports Katy prices

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